Hub Group Reports Third Quarter 2025 Results
| HUB GROUP, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||
| (in thousands, except per share amounts) | |||||||||
| (unaudited) | |||||||||
| Three Months Ended September 30, | |||||||||
| 2025 | 2024 | ||||||||
| % of | % of | ||||||||
| Amount | Revenue | Amount | Revenue | ||||||
| Operating revenue | $ | 934,496 | 100.0% | $ | 986,892 | 100.0% | |||
| Operating expenses: | |||||||||
| Purchased transportation and warehousing | 683,657 | 73.2% | 739,995 | 75.0% | |||||
| Salaries and benefits | 143,085 | 15.3% | 142,948 | 14.5% | |||||
| Depreciation and amortization | 31,390 | 3.4% | 32,386 | 3.3% | |||||
| Insurance and claims | 10,338 | 1.1% | 10,217 | 1.0% | |||||
| General and administrative | 27,128 | 2.9% | 29,674 | 3.0% | |||||
| (Gain) loss on sale of assets, net | (545 | ) | -0.1% | (427 | ) | -0.1% | |||
| Total operating expenses | 895,053 | 95.8% | 954,793 | 96.7% | |||||
| Operating income | 39,443 | 4.2% | 32,099 | 3.3% | |||||
| Other income (expense): | |||||||||
| Interest expense, net | (1,661 | ) | -0.2% | (1,333 | ) | -0.1% | |||
| Other, net | 735 | 0.1% | (23 | ) | -0.0% | ||||
| Total other expense, net | (926 | ) | -0.1% | (1,356 | ) | -0.1% | |||
| Income before provision for income taxes | 38,517 | 4.1% | 30,743 | 3.2% | |||||
| Provision for income taxes | 9,589 | 1.0% | 7,140 | 0.7% | |||||
| Net income | 28,928 | 23,603 | |||||||
| Less: Net income attributable to non-controlling interests | 374 | - | |||||||
| Net income attributable to Hub Group, Inc. | $ | 28,554 | $ | 23,603 | |||||
| Earnings per share | |||||||||
| Basic | $ | 0.48 | $ | 0.39 | |||||
| Diluted | $ | 0.47 | $ | 0.39 | |||||
| Basic weighted average number of shares outstanding | 60,006 | 60,374 | |||||||
| Diluted weighted average number of shares outstanding | 60,333 | 60,949 | |||||||
| HUB GROUP, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||
| (in thousands, except per share amounts) | |||||||||
| (unaudited) | |||||||||
| Nine Months Ended September 30, | |||||||||
| 2025 | 2024 | ||||||||
| % of | % of | ||||||||
| Amount | Revenue | Amount | Revenue | ||||||
| Operating revenue | $ | 2,755,360 | 100.0% | $ | 2,972,880 | 100.0% | |||
| Operating expenses: | |||||||||
| Purchased transportation and warehousing | 1,997,484 | 72.5% | 2,207,403 | 74.3% | |||||
| Salaries and benefits | 435,809 | 15.8% | 429,300 | 14.4% | |||||
| Depreciation and amortization | 96,356 | 3.5% | 108,489 | 3.6% | |||||
| Insurance and claims | 31,864 | 1.2% | 35,474 | 1.2% | |||||
| General and administrative | 83,198 | 3.0% | 84,785 | 2.9% | |||||
| (Gain) loss on sale of assets, net | (480 | ) | 0.0% | (1,337 | ) | -0.1% | |||
| Total operating expenses | 2,644,231 | 96.0% | 2,864,114 | 96.3% | |||||
| Operating income | 111,129 | 4.0% | 108,766 | 3.7% | |||||
| Other income (expense): | |||||||||
| Interest expense, net | (5,782 | ) | -0.2% | (5,720 | ) | -0.2% | |||
| Other, net | 1,758 | 0.1% | (259 | ) | -0.0% | ||||
| Total other expense, net | (4,024 | ) | -0.1% | (5,979 | ) | -0.2% | |||
| Income before provision for income taxes | 107,105 | 3.9% | 102,787 | 3.6% | |||||
| Provision for income taxes | 25,952 | 0.9% | 23,116 | 0.8% | |||||
| Net income | 81,153 | 79,671 | |||||||
| Less: Net income attributable to non-controlling interests | 505 | - | |||||||
| Net income attributable to Hub Group, Inc. | $ | 80,648 | $ | 79,671 | |||||
| Earnings per share | |||||||||
| Basic | $ | 1.34 | $ | 1.31 | |||||
| Diluted | $ | 1.34 | $ | 1.30 | |||||
| Basic weighted average number of shares outstanding | 60,066 | 60,803 | |||||||
| Diluted weighted average number of shares outstanding | 60,321 | 61,241 | |||||||
| HUB GROUP, INC. | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (in thousands, except share data) | ||||||||||
| September 30, | December 31, | |||||||||
| 2025 | 2024 | |||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 119,699 | $ | 98,248 | ||||||
| Restricted cash | 26,806 | 28,700 | ||||||||
| Accounts receivable trade, net | 592,202 | 581,516 | ||||||||
| Accounts receivable other | 13,578 | 10,880 | ||||||||
| Prepaid taxes | 12,890 | 15,115 | ||||||||
| Prepaid expenses and other current assets | 23,158 | 33,870 | ||||||||
| TOTAL CURRENT ASSETS | 788,333 | 768,329 | ||||||||
| Restricted investments | 20,700 | 21,642 | ||||||||
| Property and equipment, net | 764,386 | 739,896 | ||||||||
| Right-of-use assets - operating leases | 231,588 | 233,651 | ||||||||
| Right-of-use assets - financing leases | 563 | 1,062 | ||||||||
| Other intangibles, net | 251,892 | 267,357 | ||||||||
| Goodwill | 818,150 | 814,309 | ||||||||
| Other non-current assets | 25,109 | 22,097 | ||||||||
| TOTAL ASSETS | $ | 2,900,721 | $ | 2,868,343 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable trade | $ | 243,415 | $ | 279,982 | ||||||
| Accounts payable other | 30,244 | 29,069 | ||||||||
| Accrued payroll | 34,511 | 32,833 | ||||||||
| Accrued other | 85,672 | 91,441 | ||||||||
| Lease liability - operating leases | 46,205 | 45,492 | ||||||||
| Lease liability - financing leases | 434 | 663 | ||||||||
| Current portion of long-term debt | 94,520 | 100,001 | ||||||||
| TOTAL CURRENT LIABILITIES | 535,001 | 579,481 | ||||||||
| Deferred consideration | 28,579 | 30,639 | ||||||||
| Long-term debt | 160,479 | 164,361 | ||||||||
| Other non-current liabilities | 51,786 | 51,004 | ||||||||
| Lease liability - operating leases | 197,057 | 197,664 | ||||||||
| Lease liability - financing leases | 64 | 330 | ||||||||
| Deferred taxes | 172,200 | 152,913 | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||
| Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2025 and 2024. | - | - | ||||||||
| Common stock | ||||||||||
| Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228 shares issued in both 2025 and 2024; 60,607,391 shares outstanding in 2025 and 60,746,745 shares outstanding in 2024. | 723 | 723 | ||||||||
| Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and outstanding in both 2025 and 2024. | 6 | 6 | ||||||||
| Additional paid-in capital | 222,446 | 222,039 | ||||||||
| Retained earnings | 2,080,174 | 2,022,265 | ||||||||
| Accumulated other comprehensive loss | 4,255 | (1,453 | ) | |||||||
| Treasury stock; at cost, 11,695,837 shares in 2025 and 11,556,483 shares in 2024 | (605,188 | ) | (598,583 | ) | ||||||
| Total Hub Group, Inc. equity | 1,702,416 | 1,644,997 | ||||||||
| Non-controlling interests | 53,139 | 46,954 | ||||||||
| TOTAL STOCKHOLDERS' EQUITY | 1,755,555 | 1,691,951 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,900,721 | $ | 2,868,343 | ||||||
| HUB GROUP, INC. | ||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
| (in thousands) | ||||||||||
| (unaudited) | ||||||||||
| Nine Months Ended September 30, | ||||||||||
| 2025 | 2024 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 81,153 | $ | 79,671 | ||||||
| Adjustments to reconcile net income | ||||||||||
| to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization of intangibles and right-of-use assets | 140,836 | 145,474 | ||||||||
| Deferred taxes | 6,341 | (11,652 | ) | |||||||
| Non-cash share-based compensation expense | 14,391 | 14,695 | ||||||||
| Gain on sale of assets, net | (480 | ) | (1,337 | ) | ||||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||||||
| Restricted investments | 942 | (579 | ) | |||||||
| Accounts receivable, net | (10,106 | ) | 22,967 | |||||||
| Prepaid taxes | 2,410 | 6,305 | ||||||||
| Prepaid expenses and other current assets | 11,252 | 11,210 | ||||||||
| Other non-current assets | (5,044 | ) | (2,083 | ) | ||||||
| Accounts payable | (37,033 | ) | (29,520 | ) | ||||||
| Accrued expenses | (10,187 | ) | (10,106 | ) | ||||||
| Non-current liabilities | (34,842 | ) | (31,230 | ) | ||||||
| Net cash provided by operating activities | 159,633 | 193,815 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Proceeds from sale of equipment | 6,836 | 9,792 | ||||||||
| Purchases of property and equipment | (39,190 | ) | (43,220 | ) | ||||||
| Acquisition of container assets | (53,427 | ) | - | |||||||
| Acquisitions, net of cash acquired | (1,259 | ) | 3,701 | |||||||
| Net cash used in investing activities | (87,040 | ) | (29,727 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Repayments of long term debt | (76,953 | ) | (81,356 | ) | ||||||
| Purchase of treasury stock | (13,814 | ) | (68,273 | ) | ||||||
| Dividends paid | (22,500 | ) | (22,733 | ) | ||||||
| Stock withheld for payments of withholding taxes | (6,775 | ) | (9,064 | ) | ||||||
| Finance lease payments | (494 | ) | (1,532 | ) | ||||||
| Proceeds from issuance of debt | 67,385 | 17,764 | ||||||||
| Net cash used in financing activities | (53,151 | ) | (165,194 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 115 | (25 | ) | |||||||
| Net increase in cash and cash equivalents | 19,557 | (1,131 | ) | |||||||
| Cash and cash equivalents beginning of period | 126,948 | 187,270 | ||||||||
| Cash and cash equivalents end of period | $ | 146,505 | $ | 186,139 | ||||||
| HUB GROUP, INC. | |||||||||||||||||||
| FINANCIAL INFORMATION BY SEGMENT (NON-GAAP) | |||||||||||||||||||
| (in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||
| Operating Revenue | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 561,487 | - | - | $ | 559,968 | - | - | |||||||||||
| Logistics | 402,399 | - | - | 460,847 | - | - | |||||||||||||
| Inter-segment eliminations | (29,390 | ) | - | - | (33,923 | ) | - | - | |||||||||||
| Total operating revenue | $ | 934,496 | - | - | $ | 986,892 | - | - | |||||||||||
| Three Months Ended September 30, | |||||||||||||||||||
| Operating Income | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 15,868 | $ | 257 | $ | 16,125 | $ | 13,516 | $ | 1,440 | $ | 14,956 | |||||||
| Logistics | 23,575 | 957 | 24,532 | 18,583 | 8,949 | 27,532 | |||||||||||||
| Total operating income | $ | 39,443 | $ | 1,214 | $ | 40,657 | $ | 32,099 | $ | 10,389 | $ | 42,488 | |||||||
| Three Months Ended September 30, | |||||||||||||||||||
| Depreciation and Amortization | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 21,065 | - | - | $ | 21,249 | - | - | |||||||||||
| Logistics | 10,325 | - | - | 11,137 | - | - | |||||||||||||
| Total depreciation and amortization | $ | 31,390 | - | - | $ | 32,386 | - | - | |||||||||||
| (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. |
| HUB GROUP, INC. | |||||||||||||||||||
| FINANCIAL INFORMATION BY SEGMENT (NON-GAAP) | |||||||||||||||||||
| (in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||
| Operating Revenue | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 1,619,693 | - | - | $ | 1,673,034 | - | - | |||||||||||
| Logistics | 1,217,710 | - | - | 1,400,159 | - | - | |||||||||||||
| Inter-segment eliminations | (82,043 | ) | - | - | (100,313 | ) | - | - | |||||||||||
| Total operating revenue | $ | 2,755,360 | - | - | $ | 2,972,880 | - | - | |||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||
| Operating Income | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 44,325 | $ | 257 | $ | 44,582 | $ | 40,186 | $ | 1,440 | $ | 41,626 | |||||||
| Logistics | 66,804 | 3,532 | 70,336 | 68,580 | 8,949 | 77,529 | |||||||||||||
| Total operating income | $ | 111,129 | $ | 3,789 | $ | 114,918 | $ | 108,766 | $ | 10,389 | $ | 119,155 | |||||||
| Nine Months Ended September 30, | |||||||||||||||||||
| Depreciation and Amortization | 2025 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2025 | 2024 | NON-GAAP Adjustments (1) | NON-GAAP Adjusted 2024 | |||||||||||||
| Intermodal and Transportation Services | $ | 65,134 | - | - | $ | 75,568 | - | - | |||||||||||
| Logistics | 31,222 | - | - | 32,921 | - | - | |||||||||||||
| Total depreciation and amortization | $ | 96,356 | - | - | $ | 108,489 | - | - | |||||||||||
| (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. |
| HUB GROUP, INC. | ||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, 2025 | September 30, 2025 | |||||||||||||||||||||||
| Pre-Tax | After-Tax | Per Share | Pre-Tax | After-Tax | Per Share | |||||||||||||||||||
| GAAP Earnings | $ | 38.5 | $ | 28.9 | $ | 0.47 | $ | 107.1 | $ | 81.2 | $ | 1.34 | ||||||||||||
| Vendor settlements (i) | - | - | - | 2.6 | 2.0 | 0.03 | ||||||||||||||||||
| Network alignment (ii) | 0.9 | 0.6 | 0.01 | 0.9 | 0.6 | 0.01 | ||||||||||||||||||
| Transaction related (iii) | 0.1 | 0.1 | - | 0.1 | 0.1 | - | ||||||||||||||||||
| Other (iv) | 0.2 | 0.2 | 0.01 | 0.2 | 0.2 | 0.01 | ||||||||||||||||||
| Non-GAAP Adjusted Earnings | $ | 39.7 | $ | 29.8 | $ | 0.49 | $ | 110.9 | $ | 84.1 | $ | 1.39 | ||||||||||||
| By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | ||||||||||||||||||||||||
| (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | ||||||||||||||||||||||||
| (ii) Network alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | ||||||||||||||||||||||||
| (iii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the acquisition of SITH, LLC in 2025. | ||||||||||||||||||||||||
| (iv) Other includes non-ordinary expenses related to employee matters. |
| HUB GROUP, INC. | ||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, 2025 | September 30, 2025 | |||||||||||||||||||||||
| ITS | Logistics | Consolidated | ITS | Logistics | Consolidated | |||||||||||||||||||
| GAAP Operating Income | $ | 15.9 | $ | 23.6 | $ | 39.5 | $ | 44.3 | $ | 66.8 | $ | 111.1 | ||||||||||||
| Vendor settlements (i) | - | - | - | - | 2.6 | 2.6 | ||||||||||||||||||
| Network alignment (ii) | - | 0.9 | 0.9 | - | 0.9 | 0.9 | ||||||||||||||||||
| Transaction related (iii) | 0.1 | - | 0.1 | 0.1 | - | 0.1 | ||||||||||||||||||
| Other (iv) | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | ||||||||||||||||||
| Non-GAAP Adjusted Operating Income | $ | 16.1 | $ | 24.6 | $ | 40.7 | $ | 44.5 | $ | 70.4 | $ | 114.9 | ||||||||||||
| By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | ||||||||||||||||||||||||
| (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | ||||||||||||||||||||||||
| (ii) Network alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | ||||||||||||||||||||||||
| (iii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the acquisition of SITH, LLC in 2025. | ||||||||||||||||||||||||
| (iv) Other includes non-ordinary expenses related to employee matters. |
| RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE | |||||||||||||||||||
| (in thousands) | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| 2024 | 2025 | 2025 | 2025 | ||||||||||||||||
| Q4 | Q1 | Q2 | Q3 | LTM (3) | |||||||||||||||
| Net Income | $ | 24,372 | $ | 27,194 | $ | 25,031 | $ | 28,928 | $ | 105,525 | |||||||||
| Interest Expense, net | 1,858 | 1,992 | 2,129 | 1,661 | 7,640 | ||||||||||||||
| Depreciation and Amortization (2) | 47,088 | 47,046 | 47,402 | 46,388 | 187,924 | ||||||||||||||
| Provision for Income Taxes | 5,387 | 8,447 | 7,916 | 9,589 | 31,339 | ||||||||||||||
| EBITDA | $ | 78,705 | $ | 84,679 | $ | 82,478 | $ | 86,566 | $ | 332,428 | |||||||||
| Network Alignment (i) | $ | 4,814 | $ | - | $ | - | $ | 857 | $ | 5,671 | |||||||||
| Transaction Related (ii) | 1,194 | - | - | 104 | 1,298 | ||||||||||||||
| Other (iii) | 67 | - | - | 253 | 320 | ||||||||||||||
| Vendor Settlements (iv) | - | - | 2,575 | - | 2,575 | ||||||||||||||
| Adjusted EBITDA | $ | 84,780 | $ | 84,679 | $ | 85,053 | $ | 87,780 | $ | 342,292 | |||||||||
| EBITDA LTM (3) | $ | 332,686 | $ | 330,791 | $ | 324,312 | $ | 332,428 | |||||||||||
| Net Debt (4) | $ | 167,106 | $ | 140,223 | $ | 95,537 | $ | 135,798 | |||||||||||
| Net Debt / EBITDA LTM | 0.5 | 0.4 | 0.3 | 0.4 | |||||||||||||||
| Adjusted EBITDA LTM (3) | $ | 349,150 | $ | 347,255 | $ | 343,351 | $ | 342,292 | |||||||||||
| Net Debt / Adjusted EBITDA LTM | 0.5 | 0.4 | 0.3 | 0.4 | |||||||||||||||
| (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | |||||||||||||||||||
| (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | |||||||||||||||||||
| (3) Last twelve months | |||||||||||||||||||
| (4) Total debt (including finance leases) less cash and cash equivalents | |||||||||||||||||||
| (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | |||||||||||||||||||
| (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the acquisition of SITH, LLC in 2025 as well as the forming of a joint venture with EASO in 2024. | |||||||||||||||||||
| (iii) Other includes non-ordinary expenses related to employee matters. | |||||||||||||||||||
| (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. |
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